The Retirement Savings for Americans Act
Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC) and Representatives Lloyd Smucker (R-PA-11) and Terri Sewell (D-AL-7) are spearheading the Retirement Savings for Americans Act (RSAA), a bill that would provide a path to retirement security for the tens of millions of hard working Americans who currently lack access to an employer-sponsored plan.
The RSAA would provide eligible workers with access to portable, tax advantaged retirement plans modeled after the highly successful Thrift Savings Plan (TSP) enjoyed by federal employees. These plans would include automatic enrollment, low fees, simple investment options, and a matching tax credit for low- and middle-income workers.
The result would be a healthier retirement system, a more financially secure workforce, and a stronger economy to the benefit of all Americans.